This real estate stock has given 30 per cent returns in a month, do you own it?

Shares of Vascon Engineers Ltd have made a new 52-week high of Rs 36.75, after soaring more than 15 per cent on Wednesday’s trading session.

Shares of Vascon Engineers Ltd have made a new 52-week high of Rs 36.75, after soaring more than 15 per cent on Wednesday’s trading session. The stock experienced 3.71 times volume burst, indicating heavy buying pressure from this. Apart from this, the stock has given 30 per cent returns in one month and 50 per cent in just 6 months, almost 10 times more than annual FD returns.  

Stock has majorly rallied due to mind blowing results, new projects and joint venture (JV) by the company. The company has entered JV for commercial project in Pune and other upcoming projects in other parts of the country. It has posted robust financials as net profit grew by 666 per cent and sales by 42 per cent, compared to the September quarter of the previous financial year.   

Vascon Engineers Ltd, was founded in 1986 and is a prominent player in the real estate sector. It has completed more than 200 projects and delivered over 50 million plus sq ft till now. It has an order book of Rs 1,832 crore as of FY22. Borrowings of company has reduced by gradually over the period from around Rs 300 crore in 2018 to Rs 165 crore in FY22.

Investors should keep an eye on this real estate giant for upcoming sessions.